Servicing

As the Dodd-Frank Act moves slowly to implementation, banking officials speaking at the recent Chicago Federal Reserve Bank's annual conference pointed to the need for continued monitoring of financial services markets to mitigate the risk of future economic crisis. Federal Reserve Chairman Ben Bernanke called for regulators to focus on two key types of risk: gaps in regulatory coverage and risks that vary with the economy, such as the buildup of lending leverage.

FICO, the decision management technology and makers of the ubiquitous credit scores announced the net income for its fiscal second quarter is down 40 percent to $7.7 million, or $0.19 per share due to an $8.1 million after-tax restructuring charge for workforce and facility reductions.

As of May 1, code enforcement officials and field service providers for the mortgage servicing industry will have a new tool at their disposal to facilitate and streamline communication.

Icon Residential Lenders recently bolstered the company's West Coast sales team with two notable promotions from within the organization and a new hire joining Icon from 360 Mortgage Group. Rhett Hubbard was promoted to area sales manager for Orange and San Diego counties, and Justin Smith will also take on an upgraded role as area sales manager for Los Angeles, Riverside, San Bernardino, and Ventura counties. New to Icon, Debbie Hood has been appointed as the area sales manager for the Pacific Northwest.

The National Credit Union Administration which is now controlled by Federal regulators, is threatening to sue several investment banks unless they refund more than $50 billion in securities that were purchased by the five wholesale credit unions that make up the organization.

ISGN is partnering with LoanSifter to offer MORvision's first integrated loan product and pricing engine initiative. The collaboration will use Loansifter's real-time product and pricing engine.

Linda Naylor is joining LenderLive as their new Executive VP of strategic implementation, and the company hopes to build on her 34 years of experience in the industry to maintain and enhance their overall company strategy. Naylor is charged with overseeing LenderLive's general implementation and enterprise critical initiatives.

As expected, Allstate has filed against Citigroup and Deutsche Bank AG Allstate is suing over accusations that the banks covered up risks on more than $385 million in mortgage securities purchased by the insurance company.